S&P500 Short-Term Updatre
By Alexander Nikolov
posted 20:01 10/23/11
| Stocks Analysis
 
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S&P500: 1238.19

Short-Term Trend: uptrend

Outlook:

Surprisingly S&P500 was much stronger than Nasdaq 100 last week. The market held well during the small pullbacks on Monday and Thursday and then rallied to new highs on Friday. Thus, it seems the bulls are in full control here and it is unlikely to see a deeper pullback twd 1150 level as we expected a week ago. As long as the 1190/80 area holds, the uptrend on the daily chart is considered strong and we should expect gains twd the 1304 level.
On the downside, below 1190/80 will signal a deeper pullback twd 1150 is under way but even such a move will not negate our bullish idea here.


Strategy: Longs can be favored for a mvoe twd 1300. A close stop is difficult to find right now

 
 
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